Red-Hot Tech Analysts Raise Price Targets on Top Picks After Earnings

One thing is for sure, we see a ton of research here at 24/7 Wall St., and we are always impressed with analysts and firms that draw a line in the proverbial sand and make a call. Way too often firms put out ambiguous, wishy-washy reports that are tagged with a Neutral or Hold rating, which to this day remain hard to decipher. The firms that do make a call, whether it is to buy or sell, especially in front of an event like earnings, are getting harder and harder to find these days.

One firm that does make calls is West Coast–based Wedbush, a top regional firm with outstanding analysts. The firm recently made two stellar calls in front of earnings on two stocks that blew them out and rocketed higher. The company has done some follow up on top technology stocks, and we found three rated Outperform at the firm that look like solid buys, as well as ones that the company pounded the table on before the earnings were released.


This was one of the stocks the Wedbush team recommended buying before earnings, and the company knocked the earnings out of the park. Inc. (NASDAQ: AMZN) engages in the retail sale of consumer products in North America and internationally. It operates through the North America, International and Amazon Web Services (AWS) segments.

The company sells merchandise and content purchased for resale from vendors, as well as those offered by third-party sellers through retail websites. It also manufactures and sells electronic devices, including kindle e-readers, fire tablets, fire TVs and echo, as well as fire phones. It provides Kindle Direct Publishing, an online platform that allows independent authors and publishers to make their books available in the Kindle Store.

Amazon also serves developers and enterprises through the aforementioned Amazon Web Services, which provides compute, storage, database, analytics, applications and deployment services that enable virtually various businesses. AWS is the undisputed leader in the cloud now, and Deutsche Bank sees the company expanding and moving up the enterprise information value chain and addressing a larger total addressable market. The company has had numerous recent product announcements, including Aurora for relational database engine, Quicksight for business intelligence and AWS Database Migration Support Service.

The company’s revenue exploded in the first quarter, and the Wedbush team notes that after years of very uneven profitability, they feel the company is really focusing on the bottom line. Amazon absolutely annihilated analysts’ expectations on both its top and bottom lines for the first quarter. thanks mostly to its growing retail business and new cloud services. Wedbush is not alone in its bullish stance on Amazon, as many of the firms we cover on Wall Street moved their price targets higher.

The Wedbush price target was raised to $775 from $700. The Thomson/First Call consensus price target is posted at $793.23. Shares closed Friday at $659.59, up almost 10% on the day.

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